Apr
28
The National Association of Realtors (NAR) publishes the monthly Pending Home Sales Index (PHSI). It is a measure of how many contracts to sell homes have been executed but not yet closed. Because the closing of a real estate transaction typically occurs one to two months after the contract is signed, this index is generally …
Apr
19
Dual agency is the situation in which one real estate broker represents both the buyer and the seller in a real estate transaction. Provided that both the buyer and the seller are aware of the situation and agree that they are willing to be represented by the same broker, dual agency is legal in most …
Apr
13
An open listing agreement is a listing agreement that lets the seller hire more than one listing broker. For example, the seller signs an opening listing agreement with ABC Realty Company and then also signs an open listing agreement with XYZ Realty Company. Both companies are marketing the home at the same time, and whichever …
Apr
13
An exclusive agency listing agreement is similar to an exclusive right to sell listing agreement, with one major exception. In the exclusive agency listing agreement, the seller reserves the right to sell the property directly while the listing agreement is in effect without paying a commission to the real estate broker. Another way of saying this …
Apr
13
Using an exclusive right to sell listing agreement, a seller hires a real estate broker to market and sell his/her home. The seller appoints the broker as the only person who has the right to sell the property, so during the time the listing agreement is in effect, if the property is sold, then the …
Apr
04
A closing agent is a person who coordinates the closing of a real estate transaction. This varies from transacation to transaction and from place to place, but a title company representative often serves as the closing agent; this is because the title company is often involved in many pieces of the transaction and is a disinterested 3rd …
Apr
04
An encroachment is a building or other structure that is owned by one property owner, but that actually extends or is built on–illegally–another property. For example, if your neighbor builds a fence betweeen your two properties but builds it on your side of the property line, it is an encroachment. Other common encroachments include driveways …
Apr
04
At its most basic level, a survey determines or confirms the boundaries of a property. Using reference points and landmarks, a surveyor measures a property to do this. A survey for an existing home in a subdivision is relatively simple. It generally shows the property lines and the major features of the property, such as …
Mar
29
An amendment is a change to an executed contract. There are many reasons real estate contracts get amended. For example, if you enter a contract to buy a house and then have the home inspected, you may find that the home needs to have repairs made. You and the seller agree that the seller will …
Mar
23
Simply stated, a point is a fee that you pay to your lender when you take out a mortgage. One point is equal to one percentage point of your loan value. For example, if your mortgage is for $150,000, then one point is $1,500 ($150,000 × 1%). Common examples of points are origination fees and …